What is Version (V) Crypto Beginner’s Guide

Since its launch on the 21st February 2014, Version has been growing continuously with more users also becoming a part of its community. Version runs as an SHA-256 cryptocurrency on a Proof of Stake system with a 60% interest per annum and a 5 days PoS maturity. There was no ICO or Premine of the coin during its launch period.

The cryptocurrency has a 90 seconds block time with a 200𝓥 maximum reward capacity per block. The coin specification has been continually improved since its release with wallet also receiving updates.
Each newly minted coin requires 30 confirmations while there is a difficulty retargeting on every block.

Factors that affect staking

There are various factors that affect staking on the platform which includes the following:

  1. Block size in a wallet: for each block, a total of 4,000 – 6,000 coins makes the optimum block size. This amount will not go above the maximum subsidy but will be sufficient in generating rewards.
  2. Age of coin: for a coin to begin to stake, a minimum of 5 days must have passed since the last time they were transferred to a new wallet address.
  3. Amount of coins in your wallet: the higher the number of coins you have in your wallet, the better the rewards.

What is the reason for a max subsidy?

To improve the V network security, it is important to have a maximum subsidy. This is achieved by the use of a lot of smaller blocks on the network.

Staking and the waiting period

For a coin to start generating interest as per the Proof of Stake, users will wait a period of 5 days after the coin has entered the wallet address. The platform also allows users to close their wallets while they wait for these 5 days. This is usually for users who do not have any other older coins in the wallet which they will need to stake.

The coins can begin to gain staking weight or start to bring in rewards as soon as they reach the 5 days maturity period.

Identifying the date when a block will begin to stake cannot be done with accuracy. The only tip is that the higher the weight of a particular block, the higher the chances it will develop.  

How much is the staking reward?

Although there is a 60% per year maximum reward, there are various factors that will affect this value. Users need to operate at the optimum block size within a wallet, wallets are open 24/7, and also luck plays a part. This means that the rewards are usually lower than the maximum in most cases.

Adjusting block sizes

This process is performed through the wallet. This is a step by step guide on how to perform this action.

  • Click on the controls option within the wallet
  • Go to the Options screen and then open the Display tab
  • On the Display tab, tick the “Display coin control features” and then select OK.

Once you have completed the above steps, scroll to the “Transfer [V] bank notes” screen which will now have the coin control options on display.

Select the “Coin Control” button and wait for it to load. This will show all the blocks you own, number of coins which each block holds, age, address, weight, and more.

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